Niagara Falls Receives Quarterly OLG Payment
With the latest revenue report for Niagara Falls, OLG is excited to announce that they have received their second quarterly payment from Cou Cou Gaming. This marks an increase of $120 million in net earnings over the previous quarter.
The “Niagara Falls Receives Quarterly OLG Payment” is a story about the Niagara Falls, Ontario casino. The article discusses how the casino received its quarterly payment from the Ontario Lottery and Gaming Corporation.
The Ontario Lottery and Gaming Corporation (OLGC) has begun making quarterly payments to municipalities around the province for a variety of gaming sites. The city of Niagara Falls has received a second-quarter non-tax gaming income payment in the amount of CA$4,668,393 for the period of July 1 to September 30, 2021.
The city of Niagara Falls has collected more than CA$168 million in non-tax gaming revenue since December 1996, according to figures given by the OLG, for hosting Fallsview Casino Resort and Casino Niagara. The money is then utilized by the province to finance a variety of local initiatives, including education, healthcare, and more.
Massive Assistance to the Province
The local government is glad to see brick-and-mortar casinos back up and running, according to Ontario’s Minister of Finance, Peter Bethlenfalvy. According to him, casinos provide a significant contribution to the province economy and operate in accordance with provincial health and safety regulations to ensure patron safety.
Municipality Contribution Agreements are contracts between the Ontario Lottery and Gambling and the province’s municipalities that reimburse the regions for hosting gaming establishments. The non-tax gaming payments are based on a graded scale of gaming income at the property or properties and are calculated by a regulated formula that is applicable to all gaming venues in the province.
Payments Have Been Distributed
The Ontario government has also handed out its quarterly payments to a number of other municipalities in the province. The Crown has paid the City of Belleville CA$591,000 in Q2 payments for hosting Shoreline Casino Belleville. Due to the fact that the gaming facility was not active for the whole second quarter, revenue was lower. In comparison, the city earned CA$883,000 for the same quarter period in 2019.
The City of Peterborough and Cavan-Monaghan Township each got CA$571,000 and CA$114,000, respectively, from the Crown corporation’s quarterly allocations. Both the municipality and the casino were recognized for hosting Shorelines Casino Peterborough and Shorelines Slots at Kawartha Downs. A payment of CA$309,990 was also made to the Town of Hanover for hosting the Gateway Casinos & Entertainment site.
Payment has been made to Windsor.
The Crown agency also fulfilled its financial commitments to Windsor for hosting Caesars Windsor Casino on Friday. The payment was for CA$1,752,526 and the gambling hotspot returned for business in the summer once provincial health and safety restrictions were lifted. OLG has provided the city with about CA$99 million in non-tax gaming income since 1994.
A federal audit undertaken by the Canadian government has revealed significant inconsistencies in the Crown corporation’s most recent financial results. According to the investigation, agency executives abused corporate credit cards, were overcompensated with pay rises in compared to other state-run organizations, and committed a number of other infractions in their operations.
Don Redmond, Don Redmond, Don Redmond, Don Redmond, Don Redmond “For having Fallsview Casino Resort and Casino Niagara in the city, Niagara Falls was awarded $4.6 million.” On October 21, 2021, at Niagara Falls
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